THE NEW ZEALAND TRUST AND LOAN COMPANY (LIMITED).

Globe, Volume XXI, Issue 1744, 22 September 1879, Page 3

THE NEW ZEALAND TRUST AND LOAN COMPANY (LIMITED).

The annual general meeting of this company was held under the presidency of Sir Charles Clifford, chairman of the Board of Directors, at the office of the company, No. 12, King William street, London. The chairman, in moving the adoption of the report and accompanying statement of accounts, made up, as heretofore, to 31st December last in New Zealand, and to the 30th ult. in London, said, as upon former occasions, it was his pleasant privilege to have a pleasant tale to tell on this the sixteenth annual meeting, of progress made and success achieved. The preference shares had been entirely taken up, the whole of the two divisions had been fully paid, and they had now increased their capital to the extent of £500,000. Their debentures had been all absorbed. They could only issue debentures to the extent of £400,000, and therefore they could only issue fresh debentures, as those previously issued were paid off. Their credit was so good that no sooner did they have a debenture come in than they had several applications for it. The interest in the colony had been entirely paid up to the 31at December, and the company had made no losses whatever. This company, unlike others, had not been affected by the hard times and the tightness of the money market. The report stated that the amount of profits realised for premium on Preference shares, viz., £2312, had been added to the reserve fund, and this sum has been supplemented by £7IBB taken out of the profits for the past year, and thus the reserve fund had been increased during the year £IO,OOO, and now stood at £65,000. Allowing for this appropriation, and also for the sum of £6OOO, the amount of dividends declared in January last, there remained a balance of undivided profits of £B4BB 17s Id, out of which the directors recommend that the sum of £7OOO be apportioned for the payment of 5s per share, and of an extra dividend of 2s per share (making with the dividends declared in January last 13 per cent, for the year),and that the then remaining balance, £1483 be carried forward to next account. In conclusion the Chairman formally moved the adoption of the report, which was seconded by Mr Dalgety and carried unanimously. After the transaction of some routine business the proceedings closed with the usual compliment to the chairman.